Asia/Pacific News
Sit Kwong Lam Ups Stake in Brightoil
Tuesday July 14, 2015
Brightoil Petroleum (Holdings) Limited (Brightoil) founder and chairman Dr. Sit Kwong Lam has increased his stake in the company, according to two [1,2] official filings.
Acting through his wholly owned British Virgin Islands entity Harvest Energy Investments Ltd., Sit bought 130,000 shares in Brightoil from the market on July 6, and then 6,142,000 shares on July 8, for a total of 6,272,000 shares.
It is understood that after increasing his stake, Sit's shareholding in the Group has increased from approximately 72.82 percent to approximately 72.88 percent.
Last week it was announced that Sit will once again take over as CEO of Brightoil a little over a year after stepping down from the role.
